ICGP ‘operating on a very tight margin’, hears AGM

The ICGP reported a surplus in 2018 but is “operating on a very tight margin”, according to the report of Honorary Treasurer Dr John Farrell to the College’s AGM in Dublin.

“I can report that the College recorded a surplus of €268,000,” Dr Farrell informed delegates. “The College, as with all companies, must generate a surplus to ensure the maintenance of prudent reserves to guarantee the financial viability of the organisation. The surplus generated in 2018 is considered adequate but we are operating on a very tight margin.”

He said there were no plans for increases in annual subscription rates in 2019.

The honorary treasurer also told the meeting that the board had approved an investment of €2 million from reserve funds. “Davy and Key Capital have each been chosen to manage €1 million of College funds… A prudent, ethical investment strategy has been agreed.”

In his report, CEO Mr Fintan Foy said the College remained in a “relatively restrictive financial position”.

“In this year’s audited accounts, you will note that membership subscriptions comprises 35 per cent of our total income. With this in mind, in 2018 we explored new projects in a number of overseas centres. These included Oman, United Arab Emirates, Saudi Arabia, Qatar and Malaysia.”

An “international footprint” allowed the College to advance primary care and diversify income streams, stated Mr Foy.